In an attempt to prop up the country's ailing auto industry, the South Korean government is to award tax concessions to motorists who purchase new vehicles.
Under the regime, the government will offer tax breaks to individuals who replace a vehicle over nine years old with a newer model.
The country's Ministry of Strategy and Finance explained that the incentive will work by reducing both purchase and registration taxes by as much as 70%; cutting the price of a new car by up to KRW2.5m (USD1,863).
Several of the country's well-known car manufacturers have steadily reduced their output during the onset of the economic downturn - a trend they hope to reverse under the new measure.
Starting next month, the tax concession will run for seven months, coming to an end in December of this year.
In China, tax reductions on cars earlier this year led to an instant surge in sales.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment